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people, is this fundamental? is this is there wrong with the economy? so many people came back to me and says, it's hedge funds taken out, they want to lock them in, they're resetting, moving to cash, resetting, and it's going to be temporary. so it wasn't nearly as scary and it really was hedge funds, that fast, short-term money. not the long term, people. >> so ben bernanke didn't say we're taking money out of the economy, we're putting on the brake. he said sometime in the future, when the unemployment gets to 7%, we will slow down on the accelerator. >> it's exactly what people wanted them to do and it's exactly how they should do it. give them lots of time to adjust, lay out the framework, give them exact details. this is when we think we're going to do it, we're going to do it gradually. and if the economy weakens, we're going to get back in and make sure it's okay. >> ben bernanke says the fed will pull back stimulus measures as the economy improves. that is a good thing the fed chief is giving a road map for that. that means the u.s. economy can stand on its own. that means t
? or is this a chance to take advantage of lower asset prices just as the economy shifts into a higher gear? >> one point we think a lot of investors are missing, though, is that the fiscal drag to the economic growth scenario for the u.s. next year becomes far more favorable. >> let's get prospective from phil orlando. phil, as always, good to see you. question number one, is this bull market interrupted or bull market fatally wounded. >> we're just interrupted, tyler. there is no question the sell off was a reaction but the market is missing it. the federal reserve in our view is going to be making a data dependent decision. for them to pull it that's been aggressive for a number of years, they have to believe the economy is ready to grow at 3% or better and they wouldn't pull the accommodation if they felt the economy was weak. so that's a positive, not a negative. >> basically, it seems to me, phil, that what chairman bernanke said yesterday is what he's been saying for months. he did put more sharp points on it but what occurs to me is that the sentiment in the market has changed. a month ago
of the strongest parts of our struggling economy? hi, everyone, i'm brenda butner. the bulls and bears this week. gary b. smith, toeben smith, jonas, john layfield along with susan ox. welcome to everybody. okay, gary b., you say all this snooping could shock the one part of the economy that's actually growing? how so? >> absolutely, brenda. look, i'm going to call this the nsa tax, if you will. you know, we have the e-commerce segment of our gdp is about $269 billion. it's growing the fastest of any retail segment that we have out there. in fact, it's probably, if you look back over the last few years, really supplied the bulk of the jobs and growth and innovation in the retail sector. if people now are afraid to go online, and they are, i mean, they've been afraid in the past. you know, credit cards and stuff like that. this is only going to exacerbate it. if that industry starts to shrink, oh, boy, the economy is really going to suffer. >> jonas, you say consumers are going to get used to it after a little while. >> i don't think it's going to change shopping behavior. the other day, you can
of modern family. >>> first, will a world economy and turmoil derail america's economic comeback. christine romans has answers as your money starts right now. >>> another week of volatility in the markets. the reason? global unrest. uncertainty about the fed's role in propping up the economy. i am christine romans. this is "your money." >>> from space, earth appears peaceful. while science points to a u.s. economy that is ready to take off, the rest of the world is struggling to take fights. riots in turkey, slow growth in china, unrest over harsh cuts in greece. from ux treem greed to extreme fear. concerns over a global recession already creating volatility for investors. this week saw the biggest single day decline in the dow this year. >> i would give our economy a b to a b plus. >> the other guy's is dragging us down. >> why might you be feeling optimistic. housing prices on the rise, consumer confidence at a five-year high, fewer americans filing for unemployment. will america's comeback continue or will the u.s. be dragged down by a world economy in turmoil? >>> i want to bring in ke
of an ingracious way to do it because ben bernanke got him elected by pumping all the money into the economy, and being the only thing promoting economic growth because his fiscal policies he even admits fail. that's pretty bad. i was shocked at bernanke's statements yesterday. they were clear and concise and said in clear terms that we're going to end this, when we get any sort of indication it's probably going to be over. we may even end et al. together next year if the economy starts to improve. he knows the markets are so volatile, on tender hooks about ending quantitative easing, and you have to thicket was payback. >> neil: normally, they stay before you fire a person, make sure you have their security pass. and check they don't have weapons. but in this case, the powerful weapon. i'm not saying -- there could be the temptation to say i'm going do it sooner than the market thinks. >> i don't think what the president said was an accident. i don't think he says anything accidentally. and you can read a lot into that. and there has been a ton of chatter since that interview, talking abou
of the monetary stimulus out of the equation if the economy is getting better. and he says, the economy is showing signs of getting better and we think by year end and into 2014, it's going to be better still. so we anticipate being able to take away some of the scaffolding around this building and let it see whether it can stand on its own two feet. why is that bad news? why are commodities, stocks and bonds selling off on what, really, you could interpret as good news? >> i think it really isn't bad news, and i do think that much of what chairman bernanke said yesterday was in line with market expectations, but it clearly wasn't in line with investor positioning. so people are selling because they had a different expectation of where the fed was going to be. we now have a situation where there is some concern coming out of the markets, are the feds going to move too soon? i think that's unlikely. inflation continues to fall, so we're in a disinflationary environment. i think the feds' investments on employment are probably accurate, so i think as we look at the second half of the year, positions
point. the economy is soft, inflation virtually non-existent and i'm just going to add why risk deflation when we barely have a recovery at all? one major consequence of the bernanke policy of ending bond purchases is the big jump in interest rates and that, in turn, changes stock market valuations and that is one big reason for the large correction in stocks this week. no one can foretell the future. least of all, me. but let me just ask a couple of questions here. have treasury rates completely discounted an end to qe, okay? i don't think they have. here's my fear. i'm just going to say this. if you play this out, the ten-year treasury ought to be the same as the growth of total spending or nominal gdp in the economy and that's 3.5%, maybe 4%. we're at 2.5% on the treasury. in other words, in the last year we'll be looking at rates going to 4% in treasurys and i don't think that's in the market yet. now, also, will both stocks and bonds play cat and mouse with the fed? every day, every week, every month for the next couple of months. that's going to be a tough one. since i don
wall street journal," -- -- he went on to say, "the economy is recovering too slowly and should not be regarded as the new normal." >> we need a new approach. an approach that removes obstacles of growth, prosperity -- of growth and prosperity. unleash the nation of builders. to become a nation of builders and i think we have to stop picking winners and losers and start focusing on expanding opportunity for everyone. we started out by giving our kids a good chance at an education. to hirend opportunity axa's education so students are ready for tomorrow's job market. to become a nation of builders again, we need to fix our tax code. if we clear out all of these loopholes and make the tax code fair it is going to make it easier to understand, we will be creating more incentives to bring jobs home, and keep our resources here in america. a host: john boehner before the national association of manufacturers. this headline from "the -- this editorial from "the wall street journal" -- joseph on our twitter page has this comment -- logan is on the phone from las vegas on our independen
contributes to gdp and makes up more than two-thirds of the u.s. economy. america is on track with the smallest deficit for five years. the -- a fall of more than 25%. a reason standard and poor's raised the credit rating from negative to stable. a the software will he easier photo sharing and it's siri voice activation software. >> the dow losing streak, bond yields rising, worries about the federal reserve. what to do, stand pat? joining me right now, the chief investment officer, and jason, chief investment officer. thank you so much. so, rebecca, not like their there was change in sentiment this week. now we know the fed is going to stop at some point, but really, really volatile markets. up 200, down 200, then a big bounceback on thursday. were you surprised? >> a little bit. we all knew the day would come butl the quantitative easing, the monetary policy in the u.s. and europe and japan, something there's no precedent for. so we knew there would be some sort of market reaction when the tone started to change, but this is bigger than most people expected. >> what does the
suggest that the economy's doing better. if we continue to escalate a lot higher, like we have been -- i mean, we're up 87 bips on the 10-year in a month and a halftime. if we continue with that pace, that's what will cause the volatility, i think you want to use the volatility to pick out long-term themes -- in housing, aerospace, the industrials, and even start to look at the defensive stocks as they come down. >> rebecca, part of the issue for the markets has been currencies, has been credit, obviously. i mean, the dollar soaring against all currencies, right? euro, brazil, across the board. >> i think the dollar is likely to stay strong. the u.s. interest rate trend, i think, is going to be with us for a while. maybe not 30 years like falling interest rates were. but it could be for a couple of years. and so, if we're in that environment where you have rising interest rates, a stronger dollar, weaker commodity prices, when you think about the u.s. stocks you want to own, you want to think about names that are going to do well in a strong dollar, weak commodity environment. there are
? this global economy. certainly, ups is a definite no whether to where we are headed. right now, checking out stocks. nicole petallides on the floor of the new york stock exchange. nicole: the dow jones industrials down about 28 points. not to off the unchanged line. there is this wait and see mode today. the last trading days have been up more than 100 trading points. the volatility is back. it has been the name of the game since may 22. we heard that tapering maybe in the future. right now everyone is just waiting to see what the fed really has to say. the language is so key here. everyone is waiting to see. right now you can see that the dow is down just slightly. lori: you summed it up beautifully for us. we will get one of the most federal reserve statements ever and less than an hour. will we get any clue as to when tapering will begin? thank you so much for joining us. what are you expecting to hear from the fed today? >> i expect no change. the statement is key. i will look for the labor market. is this the best that we are going to get? if, yes, i expect the taper to put off. lori: o
. the difference this time around, the economy is better, housing is better, the labor market is better. this time around, i think it is a little different, a little bit better fundamental backdrop. tracy: let's talk about how we can position our bonds for it. >> it is hard to know exactly where this will settle out. the move of two to 40 has been pretty dramatic. we may have already covered a lot of the ground we will cover. on the equity side, i think you have to be overweighted in the u.s. still. i like the domestics of the goals. we are the only major market in the world that is growing and i think stocks here are still reasonably priced. tracy: i know you also like tech. >> the problem with tech is you have to be a little discriminating because as a factor, it derives more of its product overseas than ever. the tech sector, in my view, again, is pretty reasonably valued. tracy: we have to talk about commodities. gold is down. event gold typically down this time of year? >> i would not be getting into gold. i think gold is being washed out as a result of the fed's projections. the rest of the
today, and roughly 2% under performing economy, there's just no reason for interest rates to jump higher. the u.s., by the way, is really the only global stock market game in town. our companies are profitable. so at these levels it may not be roaring bullish. i don't think the fed is going to taper down tomorrow, and i do believe the bull market is far from over. that's my take. let's welcome kenneth heed ner. and i'm joined by george gilder. he has the book "knowledge is power." ken, what say you? >> i say that we have a number of years of growth ahead of us in the economy. it's growing at 2%. it's going to accelerate as consumer confidence rises with rising housing prices. we'll see 3, 4, 5% growth rate. >> 3, 4, 5%, those are big numbers. you had an okay housing number today but housing starts are up 29% on year. here's my inflation point. the year-to-year cpi, 1.4%. guys like me two years ago worry about inflation, money printing, i was wrong. i said that before. the best set indicator, 1.0%. without inflation, why should inflation rates have to go higher? >> they go a little bit hi
not be until december or early next year. third point, the u.s. economy's still only growing sluggishly, only 2% growth. just about 1% inflation. modest profits. falling gold. and a steady king dollar. interest rates in my view are not going to skyrocket. there's more money to be made in stocks. the second half is going to be a slower slog than the first half. okay? that's my take on the story. here now we bring in former federal reserve governor frederick mishkin, currently an economics professor at columbia university. welcome back, rick. i just want to ask you, this is a very complicated news conference and a lot of people are saying many different things. first of all, let me ask you if i have the story right. i heard the news conference. the fed will slow down bond purchases toward the end of the year. is that what bernanke said? >> i think what they're trying to do, they've been very concerned, i'm sure, about all the volatility in the markets. and they want to make sure that people understand that in fact they are going to get out of this purchase program, which raises a lot of complicat
base metals, indication of a slower global economy. commodity stocks, of course, they get hit when the dollar rises, 3%, 4% declines. they've been down 15% in the last six weeks here. let's move on here. there was no place to hide. it didn't matter. consumer staple stocks down 3%. utilities were down 3%. consumer discretionary defense care is not defensive. there wasn't any place to hide. i just want to note, larry, the s&p 500 down 5% from its historic high just about a month ago, but it's still up almost 12% on the year. bear that in mind, i want to know we're already getting deals cancelled and we had one secondary canceled tonight and brookfield renewable energy and they own wind mills and natural gas-fired power plants and they canceled late tonight due to what they call market conditions and the slide to the downside. larry, right now the futures are pretty much unchanged and we'll have it open tomorrow with a lot of trading and it will be the options exploration. after that, a lot of people here are hoping for a relatively smooth day, but nobody knows for sure. back to you.
and our economy from early childhood development. he has proven time and time again and he will tell any group willing to listen that every dollar we invest can yield savings of more than seven dollars down the road by improving school achievement and graduation rates while reducing problems like teen pregnancy and crime. some of the answer does lie with government. like president obama's proposal to expand access to high-quality preschool. but there is also a responsibility that has to be met by parents and families, businesses and communities who are at the center of this challenge. i want to applaud the commitment progress and the ways he is going to be modeling, along with goldman sachs and other partners, new ways to finance early education for some of our most vulnerable children. the so-called social impact bonds can be an important innovation for the early learning community and the broader impact investing community. i also want to recognize the commitment by the david and laura maras foundation and its partners to create networks of child care and early learning providers that
this year. if they remain broadly aligned with our current expectations for the economy, we will continue to reduce the pace of purchases in measured steps through the first half of next year ending purchases around mid year. >> the bonds finished in the red as the blue chip index showed its seventh straight move. all the main s&p sectors closed lowers. the worst performers were defensive sectors. telecons. this is what people had been warning us, look out for those stocks that act more like bonds. that's exactly what happened yesterday. the yield on the ten year treasury, it hit a 15-month high if you take a look at that. 2.426%. this is a concerning move. this morning the dow futures are indicated down triple digits once again. this is on top of a 200 point plus drop yesterday. it doesn't look like there's going to be a quick bounce back, at least not this morning. >> we have a number of newsmakers to help us make our way through all of this, get through these questions raised by the fed bank. including alfred broaddus and former minneapolis fed. we have john stumpf. cisco is going to h
poverty for the lowest income people. and actually, served as a good stimulus for the economy at the same time. >> i mean, and the meme around food stamps has been incredibly divisive. and really false. and i must play the sound from louie gohmert who is really a one-man band in terms of sound bites and outrageous commentary. let us hear what louie gohmert had to say on the floor of the house yesterday. >> standing in line at a grocery store behind people with a food stamp card, and they look in their basket, as one individual said, "i love crab legs," you know the big king crab legs. i love those and then sees the food stamp card pulled out and provided. he is actually helping pay for the king crab legs. when he can't pay for them for himself. >> so everyone on food stamps is apparently buying king crab legs, eugene. >> yeah. >> they're living off the largess of our government. >> king crabs are going to have to be added to the endangered species list, i guess, according to louie gohmert. you know, it's wrong, number one. it's -- it's insulting. it's demeaning. and it's probably the way
that is something that is likely. you would have to see something happening much bigger in the overall economy. i do not think it is likely. >> during the recession, new home construction dropped by roughly half. now, thanks to supply and demand, we are starting to see what could be a very robust housing market. a great deal will depend on the broader economy. connell: david, thank you. david lee miller four us in the newsroom. great story. dagen: new regulations could create a labor shortage in that industry. connell: added to my long-standing theory. nevermind. twitter founder jack dorsey teaching small business leaders how to harness attention in social media. he sat down with our friend, peter barnes. talking about rates all day long. dagen: hello. connell: hey, how's it going? dagen: that is a big move. connell: exactly.% a big move from where we were. we will be right back with more "barkett now." ♪ i want to be prepared for the long haul. ishares minimum volatility etfs. foa smoother ride. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackr
the obama economy? this is "special report." good evening, i am chris wallace in for bret baier. investors and traders on wall street are breathing a sigh of relief, thanks to a break from two rough selloff days in the financial markets. chief white house correspondent ed henry reports there's one man that remains on the hot seat, federal reserve chairman ben bernanke. >> reporter: after two days of market melt downs and high anxiety about 401(k)s plunging again, the last thing president obama or his aides wanted to do today was try to decipher the words of the fed chairman, ben bernanke. >> how is the white house sorting out what he said? >> here is what i have to say about the markets and the fed chairman and fed policy. >> reporter: nothing to say. probably smart because the market settled today, with modest gains for the dow and s&p 500 and a small drop for nasdaq, after a two day global selloff for stocks, bonds, and commodities, sparked by a massive credit crunch in china, refusal by communist leaders to intervene by pumping cash into the system, coupled with bernanke's comment that
an immigration system in our country that meets the needs of a growing economy, the biggest economy in the world that focuses on making our country stronger, not weaker, and hopefully will put this debate behind us. so i yield the floor. >> yield for a question. first could i say all of us who have had the honor of working with you and the senator from north dakota greatly appreciate the work that you've done. if there is going to be a broad bipartisan support for the final product it will be because of what you and the senator from north dakota have done. and i'm very, very grateful for that. and i think that it is important wouldn't you agree that people understand that this is a very tough bill. and it required a lot of cooperation from our friends on the other side of the aisle to go along and agree with this. i think that they've shown a great deal of compromise in order to reach this point and agree with us on this legislation, which clearly we need bipartisan support for. but i would like to ask the senator again for a couple of specifics. because i think it is important we understand how
mean for commerce and economy. >>> and now a backing off of a bid for sprint by dish, and they will concentrate on clearwire. >>> and also, a look at icahn stepping up dell bid. >>> and now the fed is wrapping up the two-day policy meeting this afternoon. investors hoping that fed will provide clarity about how and when the fed will wind down the bond buying program. make sure to watch the statement, and ben bernanke's news conference which is i perhaps more important, and it starts at 2:00 p.m., and one way or another, it is going to be nice to get something out of the way, wouldn't it? >> yes, i used to regard these events as big bad events when i worked at the hedge fund, because there could be relief even if he says the wrong thing and i'd love for him to address the 10-year, because it signals that the e kconomy is better, b it is not just weak. but if you address the 10-year, i'm in control and the bond vigilantes are not. i believe when this is over, we will come back and discuss -- i'm not kidding -- stocks. >> although, is it possible that the language that h
economy, then you're going to be shocked by the report "rolling stone" has for us tonight. that's coming up. also a shocking turn of events on the house floor as the house speaker brings crucial legislation to the floor and watches it go down in flames. i'll tell you why what's bad for john boehner is good for the country. >>> plus bailouts of struggling casinos? it is also something that is totally happening. we begin tonight with a truly rare bit of genuine progress from congress. excellent news that nonetheless has me seething with anger. here's what's happening that's great news and infuriating. making sure 11 million immigrants are given a road to citizenship is trying to pass a bill by a huge margin in the senate. they are called the gang of eight and the reason they think they need the huge margin victory is to put pressure on house speaker john boehner to bring the legislation to the house floor even though it it will almost certainly not have the support of a majority of house republicans. so that's the game plan. the goal is get 70 votes in the senate, a goal that has seemed, w
debate in congress and the economy. jammer -- tim murphy talking about how obamacare is behind schedule. >> in a lot of ways, this is a challenge. we have a liberal democratic presidents who is not only been elected but reelected. yes projects i think are very wrongheaded. time.a challenging it is also an exciting time. trying to modernize conservatism to bring it in- line with the challenges that the country faces now. we want to help conservatives in the country think about how to confront the challenges of the 21st century. neither side is doing a good job of that. there's a lot of thinking about what the 21st century requires, in terms of change, to get back to economic growth and prosperity. to get back to a cultural revival that we need. is challenging challenging and exciting. >> more with national affairs editor on sunday. [captioning performed bynational captioning institute][captions copyright nationalcable satellite corp. 2013]>> at his poorly briefing, ben bernanke said that the fed might ease up on its federal stimulus plan this year. he also discussed financial regulations
-- pumping billions and billions of dollars into the economy. is it possible that we have gone from a tech bubble to a housing bubble to a fed bubble? >> it's absolutely a risk. the real question is is this easing? all this billions and billions of dollars, trillions of dollars really of dollars the federal reserve has printed and pumped into the economy. have they created a real enduring economic expansion? can housing exist? can housing keep recovering even without ultra-cheap money? can the housing market keep rising without ultra-cheap money? can housing growth continue? that's the bet that ben bernanke has been making the past couple of years. the question is is the debt going to pay off, or will we be right back in this mess we were five years ago? >> isn't the case when former chairman allen greenspan greens retired, he was pummeled because of the housing bubble. isn't it the case, since greenspan left, we've become more liberal with our monetary supply as far as pumping more money into the monetary supply. money has been basically free for investors and businesses for the past seve
. bernanke said the fed could slow its bond line program later this year, as long as the economy keeps growing and unemployment falls. in a note to clients, renaissance marker research said we suspect the markets are significantly overreact into the process of tapering. rbc capital markets said one of the big surprises in bernanke's press conference was that the chairman did not attempt to walk back the recent rise in interest rates. bernanke said yesterday that tapering really was not that bad. kind of like taking your foot off the gas pedal in the car and hitting a nice cruising speed, not hitting the brakes. >> what he is doing is a lot like monetary drunk driving. >> we will get more clarity at the end of july. connell: thank you much. brian jacobson for us next. it is always good to have brian's point of view. to what level is your anxiety level at this stage? >> my anxiety level is very low. i understand that they have a centrally planned economy. they can marshal resources to prop up their banks if necessary. i am not concerned about the federal reserve cutting back on their ass
of different economies, but housing is key to the u.s. economic recovery along with jobs. how does it look to you? >> i come home from my travels i see it in my own street, that a developer bought the property opposite of us, completely overhauling the original house and building a new one right next to it, kind of noisy. sends me back in my travels again. the infliction point happened, i can tell you when it happened, whenity remortgaged and fixed, and from that moment on you've seen the tightening beginning, and this is going to be a very interesting challenge for the housing recovery as we get further indications from the fed tomorrow that there's tightening coming. that's already begun to affect mortgage rates, and if there's one thing that could cool things down it's going to be a sense that the party is over in terms of quantitative easing. >> diana, weigh in on that, you've made the very points that there may be a cooling of course, but as rates rise it may get people off the couch and into contracts. >> yeah. that's a very short-term phenomenon, and i'd be interested to hear from n
december kay and economies die." >> while we spend a lot of times talking about how poor economies can improve their institutions to get richer, we don't talk about how richntries can get poorer. >> rose: we conclude with george packer. his book is called "the unwinding: an inner history of the new america." >> i the book appeals to people who are of different political persuasions who say "that's it. that's what life in america has been this past generation. it's been a time of winners and losers, of old institutions that used to support middle-class people eroding and instead a kind -- a landscape where people are on their own and some people do very well and some people do not and the ties that have held us together as a people seem to be getting looser. >> rose: naill ferguson and george packer when we continue. captioning sponsored by rose communications from our studios in new york city, this is charlie rose. ferguson is here. his new book is called "great degeneration: how institutions decay and economies die." in his book he argues that the west is in decline and he examines th
of america, this remains a vibrant place to live with a balanced economy. the american people must have a voice about what those rules will be. and congress cannot skirt responsibility to legislate. again, i would like to close here by thanking those who led this effort, mr. collins in particular, for leading the floor conversation. he has shown great leadership, working very hard. you came here as did other members of the freshman class to make a difference by supporting the reins act and i think you will advance that cause. mr. collins: it is easy to follow in the stoot steps. and we will work to continue that fight. i thank you for being here tonight. it is now with great pleasure, another freshman who has come from north of me in north compassion for his constituents. mr. holding: i thank the gentleman from georgia for the opportunity to discuss this administration's excessive regulations. we know the harmful effect that overregulations had on the economy and since taking office, president obama and his administration have continuously burdened the american people with an exceptiona
to tap the brakes on the feds' bond buying program designed to lower interest rates and spur the economy. fox business network senior washington correspondent peter barns has an update. >> good evening. the fed says the central bank could be getting ready to wind down the easy money policies it has been using for the last five years to help the economy recover from the great recession, the first to slow and then to go, the controversial bond buying program, known as quantitative easing, which helped keep interest rates low. so far, the fed purchased $2.5 trillion in bonds to help flood the financial system with cash, basically printing new money. purchases help keep rates low for auto loans, mortgages and business loans. the fed chairman had cars on his mind when he said his team could start reducing purchases later this year, if the economy keeps growing and unemployment keeps dropping. >> if incoming data support that the economy can sustain a reasonable cruising speed, we will ease the pressure on the accelerator by gradually reducing pace of purchases. however, any need to consider a
is in cities and metropolitan contraries because these are the engines of the economy, centers of trade and investment. top 100 metros so only one ace of the land mast, two-thirds of the population, three quarters of the gdp and on every indicator that matters, infrastructure and human capital and innovation. 75, 80, 85, 90% of the nations share. there really is no american economy. what we have is a network of metro economies and they're now stepping up and doing the hard work. >> but at the same time we all know that some of the toughest economic challenges are the state and local level. >> absolutely. but the great thing about metropolitan areas is they're not just governments. you know, the federal government is a government. state governments are government, metropolitan areas are networks. and we see that these networks are finding really creative and beneficial ways. >> rose: networks between what? >> networks of different companies, different philanthropic groups, different individuals, all coming together. they have loose or tight connections. and they can fund things more-- in
that the outlook for the u.s. economy is still quite unclear and that would dovetail nicely with what are likely to be downward revisions to the fed's forecast for the economy. if you look at the march forecasts, they were still forecasting 2013 gdp at 2.5%. and while i don't think they will go down to the sort of level that the imf was forecasting at 1.9 last friday, down grading that forecast of gdp, downgrading their inflation forecasts to levels which they previously described as sub optimal should offer markets some reassurance that as much as bernanke will stress tapering probably is going to happen, it's a matter of when. and he won't pre-judge his options. it's not something which means immediately that interest rates are going to rise. one of the things that markets seem to have to gotten, that when the fed outlined its qe exit plan in 2011, it did actually say the first thing it would do was not raise interest rates but stop rolling off or reinvesting maturing debt. >> the other thing of course is they won't be buying any fresh stuff even when they stop. and tapering doesn't mean they
a crucial role in our economy and vital role in our communities. mr. president, that was proven last night at 5:00 when the congressional budget office, this nonpartisan arm that we look to for direction with what things cost and don't cost here on capitol hill with our legislation, they issued a statement yesterday that this bill certainly, that's on the floor today, this bill certainly is good for the economy. as i will say a couple times during my brief remarks here, it's going over the next two decades, what's left in this one and the next decade, reduce the deficit in america by almost $1 trillion. of course as we've said here previously, previous to getting the report from c.b.o., this legislation is good for the economy and good for security. that's a good package. well, mr. president, these 11 million people need a pathway to get right with the law. a commonsense bipartisan reform proposal before the senate will help them do just that. it will reduce illegal immigration by strengthening our borders. it will fix our broken immigration system and crack down on unskraoup less employer
university, about the state of the u.s. economy. later in the program we will be joined by a matthew segal. he will be here to talk about issues important to young americans. you are watching "washington journal." we will be right back. ♪ >> when you talk about transparency to the american public, there is -- you are going to give up something. you are going to be giving signals to our adversaries as to what our capabilities are. the more specific you get about the program, the more specific about the oversight, the more specific you get about the capabilities and successes, to that extent you have people sitting around saying, "ok, now i understand what it can be done with our numbers in yemen and in the united states and consequently i am going to find another way to communicate." there is a price to be paid for that transparency. where that line is drawn, in terms of identifying what our capabilities are, is out of our hands. if you tell us to do it one way we will do it that way. there is a price to be paid for transparency. >> robert muller makes his last scheduled appearance before
at discussing world trade and what to do about the ailing economy, the two-year war in syria is expected to dominate. susan mcginnis is in washington. susan, good morning. >> good morning, anne-marie. security is tight at the lakeside golf resort where this summit is being held. along with syria, another topic that might come up is some top-level eavesdropping among foreign diplomats. president obama is in northern ireland to meet with world leaders at the g-8 summit. syria is not normally on the docket but is expected to dominate the talks following president obama's move to ship weapons to rebels fighters. >> there are very big differences between the analysis of what happened in syria and who is to blame. >> russia is noun to have given weapons. president vladimir putin says the rebels in syria are terrorists and barbarians who have even practiced cannibalism. >> are these the ones you want to support? are these the ones you want to supply with weapons? >> president obama and pr putin are expected to hold private conversation this afternoon. the conversation comes after a new report r
economy the war in syria is about to dominate. >>> security is tight at the lakeside golf resort where this summit is being held. along with syria, another topic that might come up is some top-level eavesdropping among foreign diplomats. president obama is on his way to northern ireland to meet with world leaders at the g-8 summit. syria is not normally on the docket but is expected to dominate the talks. >> there are very being differences between the analysis of what happened in syria and who is to blame. president vladimir putin says the rebels in syria are terrorists and barbarians who have even practiced cannibalism. >> are these the ones you want to support? are these the ones you want to give weapon ons. >>> the conversation comes after a new report reveals the u.s. and uk spied on ryu shorthand others at another summit. the "guardian" newspaper says it has evidence that they spired on the london summit of 2009 hacking into smartphones and reading e-mails. the source? edward snowden. >> how much damage he did do? the fact is that time will tell. >> on cbs's "face the nation," ch
. thank you for coming on tonight. >> no problem. gerri: in an unrelated story, is the economy about to hit the brakes? there has been slowdown for the past three years. kennedy avoided if this year? with more on this, we have with sam saunders a chief investment strategist for charles schwab. i want to get to this idea of the economy in just a second. but first, i would like you to respond to this pink newspaper about how ben bernanke may indicate exactly what he's going to apply the brakes on easing this week. we expect to hear from him on wednesday. what do you say? >> i'm not so sure that that is shocking news. this has been building to the point where it actually starts tapering off. they have been transparent. to think about this a few months in advance, i'm not so sure that i understand why this is newsworthy be one you may be calm, but the markets were not. where do you think the professional traders are thinking about this right now? >> the market is having little tantrums. but it's not a big surprise. we know what the fed has done is unprecedented with quantitative easing a
economy. the federal reserve raises its predictions for growth and jobs. anthony mason on the new outlook. the director of the f.b.i. surprised many today with a frank answer to this question: >> does the f.b.i. use drones for surveillance on u.s. soil? >> pelley: bob orr on the f.b.i.'s program. this is supposed to be the answer to america's biggest nuclear contamination problem, but it's billions over budget. carter evans investigates. and ken moreis' great-great- great grandfather is a giant of american history. jim axelrod on how a powerful legacy changed one man's man'sn. mission. >> frederic douglas said it's easier to build strong children than repair broken men. captioning sponsored by cbs >> pelley: good evening. it doesn't happen very often but it happened today-- the stock market plunged in reaction to good news. the news from the head of the federal reserve was that the economy is doing better. here's the part wall street did not like. ben bernanke said the economy is doing well enough that the fed is likely to ease back on one of its stimulus programs, a bond buying program t
economies in terms of -- because they need europe to be able to take their stuff. watch for china -- i don't know who's really running that country, but i can tell you this, their deceleration in economics is just incredible. it's not bringing us down. >> china may go down below 7%, 6% growth this err year. we are right now the tallest building in elmira, new york. >> it's the shung kamao bank. >> how do you know about elmira, new york? >> i come to play. >> you do come to play. we may be the tallest building in elmira, new york, but people keep buying the dollar. what are you going to do? go to europe? go to china? they're all train wrecks wait to go happen. >> you can't feed china. that's a big issue. 700,000 recespiratory deaths la year. let's go to john meacham. speaking of smoking, he smokes way too much. john, you look at europe, the g-8, they were all lecturing president obama three years ago. sarkozy, where is he now? who knows? he's probably staying at your place in the south of france. >> oh, no, unh-unh. >> but united states is in this strange position of just sort of crawling a
of a timetable on it, saying if the forecast for the economy goes as planned, we'll start reducing the amount of -- combination for the economy by the end of this year and we'll end it next year. he tried to go to great, great lengths to say, you know what, that doesn't mean we're tightening on the economy, just we're not stimulating the economy as much as we do before. >> we've seen the market drop even lower today. there is some thought that that might actually have to do with what's happening in china as well. can you talk a little bit about that? >> i think that's a piece of it. we got negative data out of china that was a bit of a surprise. there's concern about the chinese central bank there, the people's bank of china clamping down on bank lending there so maybe you'd have what you call a hard landing where things would stop a little more abruptly than had been anticipated. the data out of the u.s. was a mix. we're kind of feeling our way along here. i think the real concern for the markets right now is does the fed make a mistake here? does it end up withdrawing the stimulus from the
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